FINAL HOURS: Lock in your InvestingPro subscription for 50% off before sale ends
TORONTO - Quantum BioPharma Ltd. (NASDAQ: QNTM), a biopharmaceutical company with a market capitalization of $33.43 million, announced today that it has chosen BitGo Trust Company to manage and store its holdings of various cryptocurrencies, including Bitcoin and DOGE coin. BitGo, a provider of digital asset solutions, will offer Quantum institutional-grade custody services, leveraging its advanced security infrastructure. The announcement comes as Quantum’s stock has shown remarkable momentum, posting a 209.51% return year-to-date.InvestingPro analysis reveals 8 additional key insights about Quantum’s performance and potential, available to subscribers.
Zeeshan Saeed, CEO and Executive Co-Chairman of Quantum, emphasized the importance of secure custodianship for the company’s cryptocurrency assets, stating that partnering with BitGo aligns with their security and compliance standards as a publicly traded entity. BitGo’s CEO, Mike Belshe, reiterated the company’s commitment to providing a secure and compliant foundation for institutions like Quantum. According to InvestingPro data, Quantum maintains a moderate debt level with a debt-to-equity ratio of 0.22, suggesting a balanced approach to financial management.
BitGo’s custody solutions feature multi-signature wallets and cold storage technology, aimed at protecting against theft, loss, or unauthorized access. The company also offers an insurance policy to provide an additional layer of security.
Quantum BioPharma, known for its work in developing treatments for neurodegenerative and metabolic disorders, as well as alcohol misuse disorders, maintains a diverse portfolio. Its subsidiary, Lucid Psycheceuticals Inc., is working on a lead compound, Lucid-MS, designed to prevent and reverse myelin degradation in multiple sclerosis. Quantum also holds a 22.95% stake in Celly Nutrition Corp., with royalty arrangements from sales of its product unbuzzd™.
In addition to its biopharmaceutical endeavors, Quantum BioPharma holds strategic investments through its subsidiary, FSD Strategic Investments Inc., which includes loans secured by property. The company’s financial health score from InvestingPro stands at FAIR, with current trading levels suggesting the stock is slightly overvalued compared to its Fair Value estimate.
This move to secure its digital assets with BitGo reflects Quantum BioPharma’s broader engagement with cryptocurrency and underscores the company’s commitment to asset security. The information reported is based on a press release statement.
In other recent news, Quantum BioPharma Ltd. announced its progress toward a Phase 2 clinical trial for its multiple sclerosis treatment, Lucid-21-302. The company is preparing to submit an Investigational New Drug application to the FDA by the fourth quarter of 2025. In a strategic move, Quantum BioPharma has also increased its cryptocurrency holdings by $1 million, bringing its total investment to $4.5 million. This decision aligns with its broader strategy to integrate digital currencies into its financial operations. Additionally, Quantum BioPharma has appointed Kevin Malone as an advisor to its Board of Directors, aiming to enhance its financial expertise. The company recently secured a legal victory against its former CEO, Dr. Raza Bokhari, as the Court of Appeal for Ontario dismissed his reconsideration motion. Quantum BioPharma’s licensee, Celly Nutrition Corp., has partnered with the Asian American Trade Associations Council to expand the retail reach of its product unbuzzd™. This partnership aims to increase the product’s availability across 80,000 locations in the United States and Puerto Rico. These developments reflect Quantum BioPharma’s ongoing efforts to advance its clinical programs and strategic initiatives.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.